Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
May I ask if your spouse is in employment or self-employment and whether they have any adverse credit to your knowledge please?
Yes, my spouse is full time employee and and no has no adverse credit.
If there is an outstanding mortgage on the property it will be necessary to involve the lender in order to transfer the property into your joint names. Although in law it is possible to have a mortgage in one name and for the legal title to be in another in practice almost no lenders actually allow this and certainly not standard high street lenders. At one point HSBC used to allow different borrowers to legal owners but I do not think this is still the case though it could be worth checking.
On the basis that the lender will require the borrowers under the mortgage to be legal owners as well which will be the case with the overwhelming marjority of lenders, the process is as below. However it is worth checking with your lender, or if you are able and willing to potentially remortgage with another lender, confirm with a mortgage broker which lenders if any allow different borrowers to legal owners if you prefer to keep the mortgage just in your name.
On the basis that your lender requires the borrowers under the mortgage to be the same people as the legal owners which as above is the case with almost all lenders, then the you will need to consider a remortage and transfer of equity in order to transfer the property into joint names. You could either stay with the same lender on the same product and terms just adding your spouse or transfer to a different lender by remortgaging. In either event simultaneously with either adding your spouse to the existing mortgage or remortgaging with a new lender you can execute a transfer deed to transfer the property into your joint names and declare on the same transfer deed that the property is held as tenants in common.
Your existing lender or any new lender will require your spouse to be credit scored by them in order to be accepted as a joint lender but lenders will generally not object to an additional person being added to the mortgage particularly where they have no adverse credit and have their own income because it only benefits the lender to have a second borrower against who they can claim in the event the mortgage is not paid as it should be.
Is there anything above I can clarify for you?
Yes ,I forgot to tell you this year is the last year for mortgage. Will be there something different?
Do you mean that you are nearing paying off the mortgage in full?
No, interest only.
I see thanks. Do you plan to remortgage the property again at the end of the mortgage or do you have other plans?
Yes, We plan a remortgage.
Thanks. On that basis that may e the appropriate time to consider adding your spouse to the title so as to minimise the cost and paperwork. Rather than just remortgaging in your own name you could consider a remortgage and transfer of equity instead to add your spouse to the title. The cost should not be significantly more than a straightforward remortgage. In other respects the process remains as that described above.
Does the above answer all your questions or is there anything I can clarify or help you with any further?
If I can assist any further as the situation develops please do not hesitate to revert to me
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